William Multi-Tech Inc. (Formerly William Resources Inc.) - C
Sixty Announces Broad Development Agreement For Fullerene
Drugs
Toronto, Ontario - Monday, July 31, 2000, 9:32 AM EDT
* C Sixty Inc. enters into agreement with Stevens Institute of
Technology for exclusive worldwide rights to license
proprietary technology related to the use of fullerenes as drug
delivery carriers
* C Sixty: Private biotechnology company, in which William has a
40% stake, is focused on the discovery and development of
drugs, diagnostics and medical devices based on the fullerene
molecule
* The fullerene molecule, awarded the Nobel Prize in chemistry in
1996, represents a novel approach to the development of a wide
spectrum of therapeutics
* C Sixty's proprietary Platform Technology based on the
fullerene molecule is well positioned to compete in
multi-billion dollar markets
William Multi-Tech Inc., formerly William Resources Inc.,
("William") (TSE:WIM) is pleased to announce that C Sixty Inc.
("C Sixty") a privately held biotechnology company, in which
William has a 40% ownership interest, has entered into an
agreement with Stevens Institute of Technology (New Jersey), for
the exclusive worldwide rights to license proprietary technology
related to the use of fullerenes as drug delivery carriers.
The fullerene molecule is a hollow geodesic sphere made up of 60
carbon atoms. The molecule was discovered in 1985 as the third
and unprecedented new form of elemental carbon in nature. Its
discoverers were awarded the 1996 Nobel Prize in chemistry. C
Sixty Inc. is a world-leader in the research and development of
fullerenes for medical applications. The company's Nobel Prize
winning technology represents novel approaches to rational drug
development and the development of leading edge strategies in the
biotechnology sector.
As part of the agreement with Stevens Institute the company has
established a research facility at Stevens to develop complex
generic formulations, including bimodal drugs based on fullerene
technology. To date the company has developed multiple
combinatorial libraries of fullerene based drugs. Employing
computer aided and rational drug design, such libraries have
yielded candidate drugs aimed at multiple targets for diverse
medical applications.
"The demand for complex generic formulation and drug delivery
technology is dramatically increasing and represents
opportunities in multi-billion dollar markets", said Dr. Uri
Sagman MD FRCPC, founding President and CEO of C Sixty. "The
facility at Stevens Institute will position C Sixty to enter and
compete in such markets with unique therapeutic products based on
our Nobel prize winning technology", added Dr. Sagman.
C Sixty is a privately-held biopharmaceutical company whose
business strategy is focused on the discovery, development, and
the advancement of a new class of therapeutic drugs, diagnostics
and medical devices based on the fullerene molecule, considered
a "Platform Technology", with potential value for a large number
of diverse applications in multibillion dollar markets. The
company has adopted a virtual model for conducting its product
development through established relationships with world-class
institutions, thereby reducing costs, limiting dilution, and
therefore increasing the potential return to shareholders.
C Sixty's Platform Technology is targeted at diverse market
segments. The company's lead compounds have potential value in
multi-billion dollar pharmaceutical markets for the treatment and
prevention of cancer, AIDS, heart disease, diseases of the
nervous systems and arthritis in addition to tissue targeting
fullerene technology, and the applications of fullerenes to
surfaces for use in medical devices, prosthetics and for
diagnostics technologies.
The company operates through affiliated research facilities and
has executed exclusive worldwide agreements to license the use of
fullerenes for specific medical applications with prestigious
academic institutions including The University of California (Los
Angeles), Columbia University (New York), and Rice University
(Houston) in addition to its announced agreements with Stevens
Institute today. The company expects to conclude further
agreements with other prominent universities in the near future.
"We believe that C Sixty's agreement with Stevens Institute
enhances its position as a world leader in the development of
fullerenes for medical applications", said Stan Bharti, Chairman
and CEO of William. "William will continue to assist C Sixty in
the development of its business plan in order to enhance the
value of this company," added Mr. Bharti.
About William:
--------------
William is an incubator for companies involved in the Internet,
biotechnology and other high-technology-related areas. William
provides these companies with financing, strategic planning and
management resources to aid in their expansion programs. William
is in advanced discussions on other transactions and expects to
announce further developments in the near future. Shareholders at
the Annual Shareholder Meeting, which was held on June 27, 2000
voted on and approved a name change from William Resources Inc.
to William Multi-Tech Inc. William is in the process of filing
the necessary documents with the Toronto Stock Exchange to affect
the name change for trading purposes and will announce the name
change when accepted. William will continue to trade under the
symbol WIM.
The Toronto Stock Exchange has determined that William has
changed the nature of its business and must meet all of the
original listing requirements of the Exchange by December 31,
2000. If the Company fails to meet original listing requirements
by the stated deadline, the Exchange may suspend trading in the
Company's shares or require the Company to delist from the
Exchange.
Contacts:
---------
Reg Burden/Kam Gill
Investor Relations
Tel:(416) 861-9500 Fax: (416) 861-8165
C Sixty:
Dr. Uri Sagman
President and CEO
Tel: (416) 216-0908 |
